Miocene Metals to Test Copper-Gold Mineralization at MacKenzie

    




 TORONTO, July 10, 2012 /CNW/ - Miocene Metals Limited  (the "Company" or "Miocene Metals") today announced that it has resumed  exploration on its MacKenzie copper-gold property located in  south-western British Columbia. The 2012 exploration program will  consist of a minimum of 500 metres of drilling to test surface  copper-gold mineralization, which has been traced over a 1.2 kilometre  strike length as well as detailed and reconnaissance scale mapping,  prospecting and silt sampling on its expanded land package. The  principal objectives of the 2012 program are to obtain the first drill  intercepts of the high-grade mineralized structures which have been  discovered on surface and to identify the intrusive source for this  mineralization. 

 Bruce Jago, President and CEO of Miocene Metals stated, "We are pleased  to have mobilized our exploration crew to MacKenzie and look forward to  drilling the copper-gold mineralization that has been previously  sampled over an area of 700 by 1,200 metres. The mineralization has  many characteristics that are common to mineralized porphyry systems  and we are hopeful to make that link. We also are continuing with our  efforts to secure joint venture funding for our Rogers Creek and Salal  properties as well as raising additional capital through the equity  markets." 

 The Mackenzie property is located 80 kilometres to the northwest of  Pemberton BC and is one of Miocene Metals' key copper-gold exploration  properties. As reported in a February 17, 2012 press release, the  MacKenzie property was increased in size 8-fold from 36.3 square  kilometres to 299.03 square kilometres. This expansion in the property  area was based on the results of mapping and sampling, which suggested  high-grade copper-gold surface exposures were related to a buried  copper-gold porphyry system, which will be the focus of the Company's  2012 exploration program. 

 Copper-gold mineralization at MacKenzie consists of: 

 1) Strike-persistent, shallow-dipping (~35(0) E), high-grade copper-gold mineralized structures ranging in thickness  from 0.3 metres to 9 metres, and mapped on surface over an area of 700  by 1,200 metres (see Miocene press releases dated August 12, 2010 and  December 9, 2011), and, 

 2) Disseminated chalcopyrite, bornite and molybdenite mineralization in  potassically altered Coastal Range plutonic rocks that are cross-cut by  younger, fine-grained granodioritic and dioritic rocks of possible  Miocene age. 

 More comprehensive descriptions and photographs of MacKenzie  mineralization can be found on the Company's website at www.miocenemetals.com. 

 The Qualified Person responsible for the technical content of this press  release is Jose Sayo Garcia, P.Geo, Vice President for Exploration of  Miocene Metals. 

 The Company also announces that it has extended the deadline of its  private placement from May 31, 2012 to August 3, 2012. The offering is  comprised of: (i) up to 7,000,000 Flow-Through Units priced at $0.12,  with each Flow-Through Unit comprised of one (1) flow-through common  share (a "Flow-Through Share") of the Corporation and one-half of one  common share purchase warrant (each whole warrant a "Warrant"), and  (ii) up to 10,000,000 Hard Units priced at $0.10, with each Hard Unit  comprised of one (1) non-flow-through common share of the Corporation  and one Warrant. 

 Each Warrant will entitle the holder thereof to purchase one common  share of the Corporation at a price of C$0.20 at any time prior to 5:00  p.m. (Toronto time) on the date that is 24 months from the Closing Date  (as defined below). 

 The proceeds received by the Corporation from the sale of the  Flow-Through Shares will be used to incur eligible Canadian exploration  expenses ("CEE") that qualify as Canadian exploration expenses and "flow-through  mining expenditures" for purposes of the Income Tax Act (Canada) which will be renounced in favour of the holders of  Flow-Through Shares with an effective date of no later than December  31, 2012. 

 The proceeds received by the Corporation from the Warrant portion of the  sale of Flow-Through Units and the proceeds of the sale of the Hard  Units will be used for general working capital purposes. 

 The securities comprised within the Flow-Through Units and the Hard  Units will be subject to a hold period of four months and one day from  the Closing Date. 

 About Miocene Metals Limited 

 Miocene Metals is focused on the exploration and development of six  porphyry copper-gold-molybdenum properties in south-western British  Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The  Cascade Arc shares many geological characteristics with Tertiary-age  porphyry belts that stretch the length of Chile and Peru in South  America and hosts some of the world's largest porphyry  copper-gold-molybdenum deposits. The Cascade Magmatic Arc hosts a  number of significant porphyry Cu-Au and Mo deposits in Washington  State, and Alaska (Glacier Peak and Margaret, and Quartz Hill  respectively) but remains largely unexplored in British Columbia. 

 Neither the TSXV nor its Regulation Services Provider (as that term is  defined in the policies of the TSXV) accepts responsibility for the  adequacy or accuracy of this release. 

 FORWARD-LOOKING STATEMENTS 

 This news release contains forward-looking information (including  "forward-looking information" within the meaning of applicable Canadian  Securities legislation and "forward-looking statements" within the  meaning of the US Private Securities Litigation Reform Act of 1995)  that involves substantial known and unknown risks and uncertainties,  most of which are beyond the control of the Company, including, without  limitation, those listed under "Risk Factors" and "Forward-Looking  Statements" in the Company's Final Prospectus (collectively,  "forward-looking information"). Forward-looking information in this  news release includes, but is not limited to, information concerning  the Company's expectations and estimates regarding the Corporation's  drilling program. The Corporation cautions investors about important  factors that could cause actual results to differ materially from those  projected in any forward-looking statements included in this news  release. Any statements that express, or involve discussions as to,  expectations, beliefs, plans, objectives, assumptions or future events  or performance are not historical facts and may be forward-looking and  may involve estimates, assumptions and uncertainties which could cause  actual results or outcomes to differ materially from those expressed in  such forward-looking statements. No assurance can be given that the  expectations set out in the Company's Final Prospectus or herein will  prove to be correct and accordingly, prospective investors should not  place undue reliance on these forward-looking statements. These  statements speak only as of the date of this press release and the  Company does not assume any obligation to update or revise them to  reflect new events or circumstances. The Company disclaims any  intention or obligation to update or revise any forward-looking  statements, whether as a result of new information, future events or  otherwise, save and except as may be required by applicable securities  laws. 



Miocene Metals Limited


CONTACT:  Please visit the Miocene Metal's website atwww.miocenemetals.com, orcontact:Miocene Metals LimitedBruce C. Jago, Ph.D., P.GeoPresident and CEO of Miocene Metals Limited(604) [e-mail] 


    

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